13 June 2017
Skipton Building Society is enjoying a busy June with the launch of a new Interest Only mortgage range and cuts to many core residential mortgage rates.
Skipton’s new residential Interest Only range provides 60%, 70% and 80% LTV products available to purchase and remortgage customers.
The purchase range, which offers free valuations, includes a fee free 2 year fix at 1.66% to 60% LTV.
The interest only remortgage range, which offers free valuations and standard legals, includes a fee free 2 year fix at 1.79% to 60% LTV
Enhanced policy for interest only lending
The Society has also enhanced its policy for interest only residential lending; a summary of the changes is:
The enhanced policy for interest only residential lending is also available for those who want Skipton Bespoke, a proposition which the society launched recently for customers looking to borrow mortgages of over £1m and believed to be the first of its kind. The bespoke service allows brokers to help clients who have unique requirements for larger mortgages, allowing them to mix and match key product elements, such as the term, fee and product incentive, to create unique mortgages.
Paul Darwin, Skipton’s Director of Intermediary Relationships, said: “At Skipton we recognise that there is a place for interest only in the market as long as borrowers have a defined exit strategy to repay the loan. We are taking an appropriate and responsible approach to this type of lending.
“Our latest lending policy changes are a reflection of this and provide greater choice to borrowers looking at this route.”
Interest Only product range